U.S. seaborne import activity ended the 2019 on a low point after shipments fell by 10.6% year over year in December. That meant the total for the year fell by 1.0%, the worst annual performance since 2009. Trade with China was largely to blame with a 19.1% drop in shipments largely due to the impact of tariffs and the timing of pre-tariff stockpiling a year earlier. The decline in trade isn’t just a China-specific issue though with shipments from Taiwan, South Korea and India all in decline. The drag to demand from tariffs and the higher cost of alternatives can be seen in both...